India’s automobile industry saw a 19 percent increase in sales

India automobile sales in India increased by 19% in the festive season of 2023, according to the Federation of Automobile Dealers Associations (FADA). This is the highest growth in vehicle sales during the festive season in the past five years.

What is the total vehicle sales in India

According to the Federation of Automobile Dealers Associations (FADA), vehicle sales in India will increase by 19% during the festive season of 2023. This is the highest growth in vehicle sales during the festive season in the last five years.

This year, the festive period started on October 15 and ended on November 25. During this period, the total vehicle sales increased to 37.93 lakhs. It was 31.95 lakh during last year’s festive season, September 26 to November 6. All segments like two wheelers, three wheelers and passenger vehicles have seen good growth.

While tractor sales initially saw a decline of 8.30 percent during Navratri, the decline narrowed to 0.5 percent by the end of the festive season, on account of growth. However, the level of vehicle inventory has reached an all-time high which is worrying.

Sales growth was driven by strong demand for passenger vehicles, which grew by 26%. This is due to a number of factors, including easing chip shortages, the introduction of new models and attractive financing offers.

Two-wheeler sales also grew by 14% and commercial vehicle sales by 8%.

The strong growth in vehicle sales is a positive sign for the Indian economy. This suggests that consumer sentiment is improving and people are willing to spend money on big-ticket items.

The growth in vehicle sales is likely to increase tax revenue and generate employment in the automotive sector.

The Government of India is taking steps to promote the use of Electric Vehicles (EV). As a result, EV sales are also growing rapidly. During the festive period of 2023, EV sales increased by 40%.

The government is also investing in infrastructure to support the growth of the EV industry. This includes building charging stations.

The Indian automobile industry is expected to continue to grow in the coming years. This is due to factors such as a growing middle class, increasing disposable income and government support for the EV industry.